Automotive - AlphaONE IT Security Services

Automotive.

FTC Safeguards Rule (Due 6/9/2023)

Find out how AlphaONE can help you meet compliance requirements within 30 days!

The FTC Safeguard Rule took effect in 2003, but were amended in 2021 to keep pace with current technology. Along with increasing expectations on controls for protecting Personally Identifiable Information (PII), specific industries have been called out under the umbrella of “financial institutions” (Section 314.2(h)). As “finders,” companies who bring together buyers & sellers and then negotiate and consummate the transaction, fall within the coverage of the FTC Safeguards Rule.

High-level requirements of the FTC Safeguards Rule are:

Formalized Information Security Program
Designated Owner for InfoSec Program, responsible for supervision, management, and reporting to Board of Directors
Conduct Risk Assessment
Implement Safeguards to mitigate/control risks to the business
Continuous Monitoring, Maintenance, and Training
Oversee Compliance of 3rd-Party Service Providers

AlphaONE’s Guardian provides a comprehensive array of software & services built upon industry standards and best practices to help your business achieve & maintain regulatory compliance! (FTC Safeguards Rule) We use our three-prong approach to help “Financial Institutions” achieve a more secure platform for their company:

"An automobile dealership that, as a usual part of its business, leases automobiles on a nonoperating basis for longer than 90 days is a financial institution with respect to its leasing business because leasing personal property on a nonoperating basis where the initial term of the lease is at least 90 days is a financial activity listed in 12 CFR 225.28(b)(3) and referenced in section 4(k)(4)(F) of the Bank Holding Company Act, 12 U.S.C. 1843(k)(4)(F)."
Part 314 - Standards for Safeguarding Customer Information

Automotive.

FTC Safeguards Rule (Due 6/9/2023)

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